The economic impact of adopting cryptocurrency as an alternative for goods and services

Some of the most important talking points in the cryptocurrency industry, by both 'crypto-believers' and 'crypto-hesitants', are its potential use cases. Whilst cryptocurrency's market cap is currently worth over $1 trillion, it has mainly been used as an investment or a means with which to generate wealth. That said, one of the earliest use cases of cryptocurrencies was in the value exchange. In its earliest years, Bitcoin was exchanged on the dark web between people buying and selling illicit substances, whereby highlighting this critical use case - albeit in an unsavoury way. Unfortunately, this rather tarnished use of Bitcoin is often what people associate it with (and many other cryptocurrencies), along with its use on the silk road by nefarious actors.

Source: CoinGecko

Recently, Bitcoin and Ethereum have become more mainstream, with countries such as El Salvador (known for its unstable official currency) having recognised Bitcoin as a legal tender. Furthermore, cryptocurrencies h…